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  2. Category "Accounting"

Massive Payroll Fraud Should Concern All Business Owners

Accounting, Audit & Fraud, NewsletterBy Greg DowellJuly 30, 2019

July 30, 2019 by Gregory S. Dowell As reported by several news outlets, a lawsuit has been filed by KeyBank, claiming that the bank is the victim of a massive payroll fraud that was perpetrated by a payroll processing company.  According to the lawsuit, KeyBank is out about $122 million dollars, which was to be…

2019 Depreciation Deduction Limits

Accounting, Newsletter, Tax - Business, Tax – IndividualBy Greg DowellMay 21, 2019

May 21, 2019 The IRS recently released the depreciation deduction limits for passenger autos (includes trucks and vans as well) that were placed in service in 2019. If bonus first-year depreciation was taken (also known as Section 168(k) additional depreciation), the new limits are as follows: Passenger autos acquired before 9-28-17 and first placed in…

Highlights of the New Revenue Recognition Standard

Accounting, Audit & FraudBy Greg DowellOctober 1, 2018

by Gary Lasker October 1, 2018 Introduction The new revenue recognition standard will become effective for most entities in 2019. This new standard created a totally new accounting model for recognizing revenue. Its purpose is to standardize the way entities recognize revenue. Some entities may have insignificant changes as a result of this new standard…

Highlights of the New Revenue Recognition Standard

Accounting, Audit & Fraud, Newsletter, NonprofitBy Jason RothenburgerOctober 1, 2018

By Gary Lasker   Introduction The new revenue recognition standard will become effective for most entities in 2019. This new standard created a totally new accounting model for recognizing revenue. Its purpose is to standardize the way entities recognize revenue. Some entities may have insignificant changes as a result of this new standard while other…

Cash Receipts Theft Prevention

Accounting, Audit & Fraud, Newsletter, Nonprofit, Tax - BusinessBy Jason RothenburgerAugust 21, 2018

By Gary Lasker To properly respond to fraud, business owners need to understand why certain individuals commit fraud. The fraud triangle has become the model for providing an understanding of fraud. The basis of the fraud triangle is that every fraud has the following three elements in common: 1.) pressure (generally financial), 2.) opportunity to…

Changes to Make in Recording Transactions in 2018 for Meals & Entertainment

Accounting, Tax - Business, Tax – IndividualBy Greg DowellMarch 13, 2018

ALERT 2-16-18: Re-think general ledger accounts due to changes in the deductibility of entertainment expenses in 2018. by Gregory S. Dowell The new tax act (Tax Cuts and Jobs Act) was passed so late in December that very few business owners have had the opportunity to absorb some of the impacts.  One of the changes…

Failing to File Employment Tax Returns Can Be Fatal to a Nonprofit

Accounting, NonprofitBy Greg DowellMarch 8, 2018

by Gregory S. Dowell March 8, 2018 A recent IRS private letter ruling (PLR 201809009) indicates that an organization’s 501(c)(3) status can be revoked for failing to file an employment tax return, and for failing to respond to various IRS inquiries about the failure to file.  In this particular case, the organization filed W-2 forms…

Bank Requiring Financial Statements or an Audit? Read This First.

Accounting, Audit & FraudBy Greg DowellSeptember 6, 2017

by Gregory S. Dowell September 7, 2017   Having a firm grasp on financial performance is a fundamental of every good business, and effective accounting systems don’t just happen, they come with planning.  Owners who are using their professionals wisely and strategically will have consulted a CPA firm during the early planning stages of the…

Cook County Changes For Business Owners

Accounting, Consulting, Newsletter, Tax - BusinessBy Greg DowellAugust 24, 2017

By Gregory S. Dowell August 10, 2017 Quietly and with virtually no advanced warning, Cook County passed the “Cook County Earned Sick Leave Ordinance” (Ordinance 16-4229). This ordinance provides that, as of July 1, 2017, employers in Cook County are required to provide paid sick leave to their employees. Making this more confusing, many municipalities…

Leases: Critical Changes to GAAP that Affect Financial Statements

Accounting, Audit & FraudBy Greg DowellOctober 6, 2016

Leases: Critical Changes to GAAP that Affect Financial Statements Gregory S. Dowell Timothy Delany October 6, 2016 Accounting Standards Update (ASU) 2016-02 made historic changes to the way leases are reported on the financial statements for generally accepted accounting purposes.  This is no small issue, as most organizations are exposed in some way to leases,…

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